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To: PaulM who wrote (14968)	7/27/1998 10:05:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116906

Dollar Falls vs Yen After Japanese Exporters Convert Overseas Earnings Dollar Falls vs Yen After Japanese Exporters Sell Dollars Tokyo, July 28 (Bloomberg) -- The dollar fell against the yen for the first time in six days as Japanese exporters sold dollars to repatriate profits earned abroad. ''Every year, Japanese exporters sell their dollar profits at the end of July before they take summer holidays,'' said Takeshi Hanai, head of foreign exchange at Industrial Bank of Japan Ltd. The dollar fell as low as 142.03 yen. It was recently quoted at 142.12 yen, down from 142.49 yen in late New York trading yesterday. The U.S. currency was quoted at 1.7872 marks, down from 1.7878 marks in New York. Accelerating the dollar's fall were rising Japanese stocks. The benchmark Nikkei 225 stock index recovered the 16,000 level after tumbling 2.55 percent yesterday to 15,944.36. Rising stocks help boost the Japanese currency by increasing demand for yen needed to invest in Japanese equities. Conversely, falling stocks cause the yen to decline too on selling by foreign investors who need to convert their yen proceeds into other currencies. Some traders also said Japanese institutional investors selling deutsche marks for yen accelerated the dollar's decline against the yen. Investors sold marks for yen after the mark hit a five-week high of 80.02 yen yesterday, said Yasuji Yamanaka, a foreign exchange manager at Nikko Trust and Banking Co. When converting marks into yen, traders often first sell marks for dollars, then sell those dollars for yen, weakening the dollar. The mark was quoted at 79.54 yen, down from 79.68 yen in New York. Even so, many traders said the dollar won't fall further against the yen as they doubt that Japan's ruling party leader, Keizo Obuchi, will soon lift the nation's economy out of its worst recession in five decades. ''Market participants are certainly not welcoming Obuchi,'' said Hiroshi Sakuma, a foreign exchange manager at Barclays Bank Plc. ''I think the dollar will gradually rise to 145 yen in coming weeks.'' In other trading, the dollar was quoted at 1.5035 Swiss francs, down from 1.5045 Swiss francs in late New York trading yesterday. The British pound was quoted at $1.6558, down from $1.6565 in New York. bloomberg.com@@tNoyEAYAwt4PnH*U/news2.cgi?T=news2_ft_topww.ht&s=562632002